(c) Require that each recipient of a grant or loan under the program submit a report to the corporation. Each contract with a recipient of a grant or loan under the program must specify the frequency and format of the report to be submitted to the corporation and the performance measures to be included in the report.

(d) Establish a method for evaluating the projected results of the program with actual outcomes as determined by evaluating the information described in pars. (a) and (b).

(e) Annually and independently verify, from a sample of grants and loans, the accuracy of the information required to be reported under par. (c).

(3) The board shall require for each program developed and implemented by the board all of the following:

(a) That each recipient of a grant or loan under the program of at least $100,000 submit to the corporation a verified statement describing the recipient's expenditure of the grant or loan funds, signed by both an independent certified public accountant and the director or principal officer of the recipient to attest to the accuracy of the verified statement. The board shall also require the recipient of such a grant or loan to make available for inspection the documents supporting the verified statement. The board must include the requirement in the contract with grant or loan recipients.

(b) That the board, if a recipient of a grant or loan under the program submits false or misleading information to the corporation or fails to comply with the terms of a contract entered into with the corporation, without providing satisfactory explanation for the noncompliance, do all of the following:

1. Recoup payments made to the recipient.

2. Withhold future payments to be made to the recipient.

3. Impose a financial penalty on the recipient.

238.04Powers of board. The board shall have all the powers necessary or convenient to carry out the purposes and provisions of this chapter. In addition to all other powers granted the board under this chapter, the board may specifically:

(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the regulation of its affairs and the conduct of its business.

(2) Have a seal and alter the seal at pleasure.

(3) Maintain an office.

(4) Sue and be sued.

(5) Accept gifts, grants, loans, or other contributions from private or public sources.

(6) Establish the corporation's annual budget and monitor the fiscal management of the corporation.

(7) Execute contracts and other instruments required for the operation of the corporation.

(8) Employ any officers, agents, and employees that it may require and determine their qualifications, duties, and compensation.

(9) Issue notes, bonds, and any other obligations.

(10) Make loans and provide grants.

(11) Incur debt.

(12) Procure liability insurance.

(13) Elect to become a participating employer in the Wisconsin Retirement System under s. 40.21 (1).

238.05Department of commerce assistance and coordination.(1) If requested by the board, the department of commerce shall provide staff or other resources to assist the board in carrying out the purposes and provisions of this chapter.

(2) To the greatest extent practicable, the department of commerce and the board shall seek to coordinate their economic development programs.

238.06 Liability limited. Neither the state nor any political subdivision of the state, nor any officer, employee, or agent of the state or a political subdivision of the state who is acting within the scope of employment or agency, is liable for any debt, obligation, act, or omission of the corporation.

238.07 Submission of annual reports to legislature.(1) Annually, by January 1, the board shall submit to the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2), a report identifying the economic development projects that the board intends to develop and implement during the current calendar year.

(2) Annually, no later than October l, the board shall submit to the joint legislative audit committee and the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2), a report for the previous fiscal year on each of the economic development programs of the corporation that contains all of the following:

(a) A description of each program.

(b) A comparison of expected and actual program outcomes.

(c) The number of grants made under the program.

(d) The number of loans made under the program.

(e) The amount of each grant and loan made under the program.

(f) The recipient of each grant or loan made under the program.

(g) The sum total of all grants and loans awarded to and received by each recipient under the program.

(h) Any recommended changes to the program.

(3) The board shall make readily accessible to the public on an Internet-based system the information required under sub. (2).

285.59 (1) (b) "State agency" means any office, department, agency, institution of higher education, association, society, or other body in state government created or authorized to be created by the constitution or any law which is entitled to expend moneys appropriated by law, including the legislature and the courts, the Wisconsin Housing and Economic Development Authority, the Bradley Center Sports and Entertainment Corporation, the University of Wisconsin Hospitals and Clinics Authority, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the Wisconsin Quality Home Care Authority, the Wisconsin Economic Development Corporation, and the Wisconsin Health and Educational Facilities Authority.

(1) Abolition of department of commerce positions. Notwithstanding section 16.505 (1) of the statutes, before July 1, 2011, the secretary of administration may abolish any full-time equivalent position or portion thereof that is funded from the general fund from revenues appropriated under section 20.143 of the statutes and that is assigned duties relating to economic development programs of the department of commerce.

(2) Transfer of moneys from the department of commerce to the Wisconsin Economic Development Corporation. Before July 1, 2011, or the effective date of the 2011-2013 biennial budget act, whichever is later, the secretary of administration may transfer moneys from any general fund appropriation under section 20.143 (1) or (4) of the statutes that are used to fund economic development programs of the department of commerce to the appropriation under section 20.192 (1) (k) of the statutes, as created by this act. The secretary may not transfer any moneys under this subsection if the transfer of those moneys would violate a condition imposed by the federal government on the expenditure of the moneys or if the transfer would violate the federal or state constitution.